An oil tanker carrying crude from the Kurdistan Region of Iraq (KRI) unloaded its cargo at a U.S. port at the very end of last month – the first since the reopening of the critical Iraq-Turkey Pipeline (ITP) around two months ago. According to industry data, many more such cargoes are expected in the coming day, weeks, and months. Although the U.S. has a genuine use for the medium-heavy sour Iraqi Kurdish blend, these imports are about a lot more than oil and following the recent rocket attack on the KRI’s Khor Mor gas field, the timing…

The European Union on Monday slapped sanctions on nine entities and individuals for supporting Russia’s shadow fleet moving oil, as the bloc seeks to further restrict Moscow’s ability to generate revenues from energy exports.    The Council of the EU sanctioned five individuals and four entities responsible for supporting Russia’s shadow fleet and its value chain.     The designated individuals are businessmen directly or indirectly linked to Rosneft and Lukoil, which were sanctioned by the United…

In a remarkable turnaround, the tiny South American country of Guyana, once one of the continent’s poorest nations, now ranks among the world’s top 10 wealthiest countries by gross domestic product (GDP) per capita. In a mere decade, Guyana went from first discovery to be lifting nearly 900,000 barrels of crude oil per day from the prolific 6.6-million-acre Stabroek Block. This, despite the lopsided deal favoring the ExxonMobil-led consortium, which controls the oil acreage, has delivered a massive economic windfall. There are concerns…

The United States insists that the European Union exempt it from obligations to report data under the EU Methane Regulation until 2035, Reuters reported on Monday, citing a U.S. document circulated to EU governments. The U.S. and its gas industry have lobbied this year for repeal or significant amendments of the EU’s climate laws and regulations which, the U.S. says, threaten Europe’s energy supply and security. The EU Methane Regulation, effective from August 4, 2024, aims to reduce methane emissions from the energy sector. For imports,…

Ukrainian President Volodymyr Zelenskyy and US envoys held more than five hours of negotiations in Berlin with no indication of potential results revealed, only that talks would continue. "Representatives held in-depth discussions regarding the 20-point plan for peace, economic agendas, and more. A lot of progress was made, and they will meet again tomorrow morning," White House envoy Steve Witkoff said in a post to X late December 14. Zelenskyy was already scheduled to meet with key European backers -- the leaders of Germany, Britain, and France…

Oil tanker rates are set to stay elevated in early 2026 as crude supply is rising while the number of available vessels is shrinking due to the U.S. sanctions on Russia, Venezuela, and Iran, officials and analysts in the shipping industry tell Reuters. The daily rates for chartering a vessel to transport commodities have surged this year, with oil tanker rates skyrocketing by 467%, as shippers of a growing commodity supply are grappling with a series of route disruptions and sanctions.    Despite the typically weaker commodity…